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Cleo No Fail Credit Building Card

This post may contain affiliate links. Please read my full disclosure HERE. Thank you.

For people looking to not only build credit, but aim at having a high credit score, Cleo is offering an awesome opportunity to do just that with the Cleo Credit Building Card.

There’s no credit check – because that actually pulls down your credit score.

There’s no interest rate – because credit card interests rates for people who are building their credit are typically so ridiculously high its like punishment for not having credit in the first place.

There are no fees – because fees bite into your savings.

There’s not credit minimum – basically, minimums and limits are set by you.

How it Works

Cleo structures building credit on the notion that you spend what you can afford to spend, so in a way, its a no-fail system to builds your credit while also increasing your credit score.

Cleo explains that when you first apply for your credit building card you fund your security deposit account with a certain amount cash you choose. As you continue adding to your security deposit, your credit limit increases.

This means that you manage your credit limit based on how much you have in your deposit account. If you depost $300, then that’s your limit. However, if your funds overdraft, Cleo helps you out and covers your charge. You have to pay it back though. Additionally, your deposit is FDIC insured, which means that if something happens to the bank where Cleo holds their fund – Web Bank, you get your money back.

As a safe measure, Cleo also has a feature that caps how much you can spend if you want. Useful because if you go over the limit it scars your credit.

In the meantime, use your Cleo Visa card to pay for things. Bills, restaurants, etc. As you use the card, you’re creating a record that creates a credit transaction history.

However, since you have money in your security deposit account, the balance gets paid off. Paying off a credit card is key to having a great credit rating.

Since Cleo is an actual credit card, your spending and payment history gets reported to the 3 major credit bureaus. Equifax, Transunion & Experian. This is something that is done across the board from all credit card companies. Seems like an invasion of privacy doesn’t it? Unfortunately, financial lending revolves around building credit. There’s no way around it, unless you don’t need to borrow money. Even rich people need money and loans.

Nonetheless, credit limits are part of the formula the credit bureaus use to determine a credit score. The goal of credit scores is to have the highest score possible.

Why is having a high credit score important?

With a high credit score, your chances of getting a loan with the lowest interest rate possible increase. Thus, if you’re buying a car, you can get a 0% interest rate.

Likewise, when getting a loan to buy a house or refinance your existing home, you can get those wonderful advertised super low rates. Credit scores are also important because they’re used in a variety of settings, such as for renting an apartment for example.

A high credit score is also influential because it gives businesses a snapshot of how well you manage your finances. A low credit score indicates a person with a history of not paying on time for example.

Credit scores also indicate how reliable and responsible a person is for repaying debt.

Personally, I track mine weekly. As a victim of credit card fraud, I learned how important it is to have a clean and high credit score, and suggest you start ensuring yours is as high as possible, as soon as possible. And stay on top of it forever.

high FICO credit score

The Cleo credit building strategy is a great opportunity for anyone who is starting out building credit, or just needs to clean up an existing shady credit history.

What is Cleo

Cleo is a secure financial app accessible through mobile and the web, which means you don’t have to rely on having a phone to use Cleo. To register however, you do need a smartphone.

With Cleo you can:

  • Budget
  • Borrow
  • Save money
  • Assign categories for savings (vacation, christmas, etc.)
  • Build credit

Cleo is also an artificial intelligence feedback app with personality. Meaning that it interacts with users with funny, sarcastic, memes and other fun attitudes.

This one is funny:

Cleo money app roast for spending too much on alcohol

When you download Cleo text “Roast” to get roasted!

Reviews

The following image is from the Google Apps Store, showing Cleo has over half a million download, over 25K reviews and a 4.2 star rating. Most of the negative reviews are complains about customer service. Reviewers say the app is great though.

Install Cleo credit building card app on Playstore
Download Cleo Credit Builder

The Cleo Credit Builder Card is part of the Cleo Builder Subscription plan, where you pay a monthly fee to access all the features associated with the plan, which includes applying for the Cleo Credit Builder Card.

Disclaimer: While Cleo is compensating me to write this post, and it contains affiliate links (which means that the company pays me a couple of bucks to buy coffee) I’m choosing to write and share the Cleo Credit Builder strategy because I find it to be useful for 18 year old and low income earners who can’t afford to pay the high interest rate that comes with most start up credit cards. Please read my full disclosure for more details.

Who can apply

  • Anyone age 18 and up can apply.
  • You also need to have a valid social security number.
  • You can live anywhere
  • Have your birthdate and address handy
  • You don’t need to be a US citizen

In a way, its a no-fail safe method of building credit because as you control how much your limit is by adding to your deposit account, it is less tempting to spend money. As long as you pay your monthly statement balance in full, your credit score will increase.

You can always try Cleo Credit Builder, and if you don’t like it cancel. It doesn’t affect your credit score if you do.

I hope this helps you build your credit.

Happy savings, TaLis

person reading Cleo app roast

Also read:

Start Here » Tips » Finances » Cleo No Fail Credit Building Card
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Saving with TaLis is a reader supported site and earns a small commission when you click on affiliate links. Please read my full disclosure HERE. Thank you.

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